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Featured in this Asia Pacific Hospitality Newsletter - Week Ending 1 August 2008
Taj Hotels Resorts And Palaces To Manage Two Hotels In China
South Korean Province Plans To Build Tourism Destination In Demilitarised Zone
Tourism Rebounds After Riots In Tibet, China
Hotels In Johor Reaping Benefits From Singapore’s Formula One Event
A New Hotel Nikko In Guangzhou By 2010
Japan’s Orix Corporation To Invest In Tune Hotels
Absolute Share Price Performance, As At 1 August 2008
Taj Hotels Resorts And Palaces To Manage Two Hotels In China Return to Headlines
Taj International Hong Kong Limited, a wholly owned subsidiary of Indian Hotels Company Limited (IHCL), has signed a management agreement with Cuiting Hotspring Hotel Management Company Limited, a subsidiary of Zhong Qi International Investment Company Limited, to manage two hotels in China. One of the hotels is a 46-key deluxe luxury hotel located in close proximity to the heritage site, The Temple of Heaven Park, in Beijing, which is expected to expand to 106 rooms in the future. The other hotel is a 500-key resort with 40 villas built over 60 acres of land located in Xiangshui Bay, Hainan Island. This agreement is part of IHCL’s selective global expansion plans.
South Korean Province Plans To Build Tourism Destination In Demilitarised Zone Return to Headlines
South Korea’s eastern province of Gangwon has announced plans to build a tourism destination known as ‘peace city’ in the four-kilometre wide Demilitarised Zone (DMZ) which separates North and South Korea. The purpose of the project is to attract international visitors to the area, promote peace and prepare for eventual reunification of the two nations. Details of the tourism destination such as the cost of the development and estimated completion date are currently unknown, while further discussions are expected between the North and South Korean authorities. The province of Gangwon was part of a larger singular province before the Korean Peninsula was divided in 1945.
Tourism Rebounds After Riots In Tibet, China Return to Headlines
According to the Lhasa city government, tourist arrivals to Tibet, China have recovered to 75,000 and 100,000 in May and June 2008, respectively, after arrivals recorded zero in April 2008 due to the riots in March 2008. Since then, only a handful of foreign tourists are allowed into Tibet, while most mainland Chinese visitors stayed away. In contrast, one million tourists visited Tibet in the first half of 2007, including 73,000 international visitors. Currently, the Tibet Autonomous Region remains open to mainland Chinese and foreigners with permits, however, several other ethnically Tibetan areas remain out of bounds to visitors.
Hotels In Johor Reaping Benefits From Singapore’s Formula One Event Return to Headlines
The first Formula One (F1) night race in Singapore, to be held from 26 to 28 September 2008, has boosted the performance of five-star hotels in Johor, Malaysia. According to market reports, five-star hotels such as Hyatt Regency Johor Bahru and Puteri Pan Pacific have received approximately 60% confirmed bookings for their rooms thus far. With room rates starting from US$153 per night, these Johor five-star hotels are substantially cheaper than the reported US$700 and US$1,458 charged by non-trackside Royal Plaza on Scotts and trackside Fullerton Hotel, respectively. Currently, Royal Plaza on Scotts has received approximately 55% of confirmed bookings for its 511 rooms during the F1 period.
A New Hotel Nikko In Guangzhou By 2010 Return to Headlines
JAL Hotels Co Ltd (JAL Hotels) has announced the development of a 411-room five-star Hotel Nikko in Guangzhou, China. Scheduled to open in March 2010, the 13-storey hotel is likely to feature a Japanese restaurant, a Chinese restaurant, meeting facilities, a business centre and a fitness club. Expected to be the eighth Hotel Nikko in China, the 56,000-square-metre Hotel Nikko Guangzhou is located in Guangzhou Tianhe Software Park, one of China’s biggest and most important software manufacturing bases. The hotel is also expected to target a mix of leisure and commercial guests.
Japan’s Orix Corporation To Invest In Tune Hotels Return to Headlines
Orix Corporation (Orix), a financial services and investment company based in Tokyo, has announced that it is investing US$17.2 million for a 10% equity stake in Tune Limited (Tune Hotels). Tune Hotels is likely to utilise the investments to facilitate its development across Southeast Asia. Currently, Tune Hotels has two properties in operation and another 28 sites under development in Malaysia, Thailand, Indonesia and the Philippines. It is targeting to expand the number of developments to over 50 by end of 2008 and 100 by 2009.
Absolute Share Price Performance, as at 1 August 2008
Closing Share Price as at August 1 2008 July 25 2008 % Change
Australia Stock Exchange (ASX)
Amalgamated Holdings 4.17 4.19
General Property Group 1.57 1.74 -10%
Mirvac Group 2.53 2.45 3%
Ocean Capital Limited 0.40 0.40
Thakral Holdings Group 0.80 0.77 4%
Living and Leisure Australia Group 0.04 0.04
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 5.20 5.35 -3%
Dusit Thani Public Co Ltd 36.75 38.50 -5%
The Erawan Group Public Limited 3.44 3.74 -8%
Grande Asset Development 3.50 3.82 -8%
Laguna Resorts & Hotel Public Co Ltd 43.00 44.00 -2%
Minor International PCL 12.80 13.70 -7%
Hong Kong Stock Exchange (HK$)
Miramar Hotel International Ltd 10.20 10.46 -2%
Regal Hotels International Holdings Ltd 0.36 0.38 -5%
Sino Hotels Holdings Ltd 3.55 3.55
The Hong Kong & Shanghai Hotels Ltd 11.94 12.28 -3%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.49 0.49
CDL 10.98 11.50 -5%
Hotel Grand Central Ltd 0.89 0.92 -3%
Hotel Plaza Ltd 1.60 1.65 -3%
Hotel Properties Ltd 2.23 2.29 -3%
Mandarin Oriental International Ltd (US$) 1.76 1.76
Stamford Land 0.57 0.58 -2%
Return to Headlines
HVS Beijing
David Ling
HVS Hong Kong
Mark Keith & David Ling
HVS Mumbai
Manav Thadani
HVS New Delhi
Manav Thadani
HVS Shanghai
David Ling
HVS Singapore
David Ling
Disclaimer: Information provided above has been gathered from various market sources. HVS has not independently verified the accuracy of the information provided. Interested parties should not rely on the information as statement of facts and are advised to make their own independent checks to verify the information provided. For further information, please feel free to contact HVS Singapore.
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